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Colombian Economy Research Paper

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The Colombian Economy
Colombia, more formally known as the Republic of Colombia, is a megadiverse country situated in the Northwest of South America and has the fourth largest economy in Latin America. The indigenous people that inhabited Colombia were groups such as the Muisca, Quimbaya, and Tairona. In the year 1499 the Spanish arrived in Colombia and their main goal was to colonise Colombia, they initiated a period of conquest and colonization and as a result the Viceroyalty of New Granada was created. For many years Colombia struggled to gain independence and then finally on the 20th of July 1810 they succeeded. In 1886 the country was formally known as the Republic of Colombia. Colombia's economy has been soaring over the past several …show more content…
Bogota is Colombia’s capital city and is ranked as one of the largest cities in the world and it is Colombia's main economic centre. The reason why I chose to analyse Colombia was because I watched an episode of my favourite show on Travel Channel called Househunters' International and an educated couple moved from France to Bogota. I think France is a wonderful place and the French economy is strong, therefore I realised that if a couple who both have their Master's degrees' in finance are moving to Bogota from a developed country like France then they must see potential in the economy and it must mean that the economy is growing at an accelerated …show more content…
The percent change from 2014 to 2015 was 3.396% and the real GDP grew by 4.6%.
Unemployment: The population has increased from 42.9 million people in 2005 to 48.2 million in 2015 and the unemployment rate in Colombia has decreased from 11.81% in 2005 to 9% in 2015. The unemployment rate rose and fell over the past ten years, with the highest unemployment rate being in 2006 and 2009 at 12% each and the lowest being 9% so far in 2015. This is an indication that the economy is growing because although the population is increasing, the unemployment rate is decreasing, therefore this suggests that more job opportunities are being created.
Price level: The inflation rate of average consumer prices has increased from 2.9 in 2014 to 3.35 in

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